Although this altcoin has attempted to break out of its downward trendline, it has failed to sustain the breakout and has subsequently declined once again.
Unimpressive Growth of Telegram Coin
While the price of Notcoin has surged by 15% over the last 24 hours, this increase is more attributable to broader market signals than to rising demand. Nevertheless, this upward movement appears to be shifting Telegram’s coin towards a bullish trend.
Notcoin’s MACD indicator currently reflects a bearish momentum, which could soon lead to a bullish crossover. This potential shift may signal the beginning of a positive trend for Telegram’s cryptocurrency as the market starts to recover.
On the other hand, Notcoin’s funding rate has been fluctuating between negative and positive values, reflecting ongoing uncertainty and mixed investor sentiment regarding the coin’s future direction.
The ongoing fluctuations in the funding rate underscore the market’s current hesitation. However, the rate is positive at the time of writing, indicating a dominance of long positions. If investor demand remains bullish, Telegram’s coin could potentially recover its recent losses.
Price Prediction for NOT: Resistance Persists
Notcoin’s price at $0.0118 has struggled to break through the descending trendline over the past 24 hours. The emerging upward momentum could encourage Telegram’s coin to make another attempt to breach this barrier and test the $0.0130 level as support.
If the altcoin succeeds, it might continue the recovery that began yesterday. However, this rebound could lead to a consolidation within the range of $0.0130 to $0.0179, which has been in place since mid-June. Breaking through the $0.0179 resistance could prove challenging for NOT.
On the other hand, if the breakout attempt fails and Notcoin cannot maintain support at $0.0094, the price may drop below this level. As a result, Telegram’s cryptocurrency could hit its lowest point in two and a half months, with the risk of falling to an all-time low of $0.0045, which would invalidate the bullish outlook.
